USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3267.
In economic news, Canada’s existing home sales eased 2.5% on a monthly basis in December, compared to a drop of 2.3% in the prior month. Market participants had anticipated existing home sales to fall 1.0%.
In the Asian session, at GMT0400, the pair is trading at 1.3266, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3231, and a fall through could take it to the next support level of 1.3195. The pair is expected to find its first resistance at 1.3298, and a rise through could take it to the next resistance level of 1.3329.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
